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Manila Bulletin devider Business devider The Stock Market devider Stocks fall on dampened hopes for US, PH rate cut

Stocks fall on dampened hopes for US, PH rate cut

Published Mar 7, 2024 08:37 am

The local stock market dropped on signs that interest rates in the US and Philippines are not going to be cut soon as many investors had hoped.

The main index lost 41.20 points or 0.60 percent as the rate-sensitive Property sector led the retreat while the Services counter managed to advance. A total of 652 million shares worth P4.99 billion changed hands as losers outnumbered gainers 109 to 64 with 44 unchanged.

“Philippine shares continued to be sold down as investors digested Powell's testimony before the House Financial Services Committee,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Federal Reserve Chair Jerome Powell indicated that interest rates will likely come down this year, though the central bank is moving cautiously.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “This Thursday, the local market dropped as rate cut hopes were tempered after BSP Governor Eli Remolona stated that it is still too early to cut policy rates as there is no assurance yet that inflation will settle comfortably within the 2 percent to 4 percent target. 

"Additionally, investors digested the statement from Federal Reserve Chair Jerome Powell overnight saying that the Fed is not yet ready to cut rates.”

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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